Plummeting prices open a rate window to the luxury market
Date: August 27, 2009
…In Sagars Road, Dural, a four-bedroom house has been discounted from $3.7 million to $2.25 million. In Lisle Street, Narrabeen, a three-bedroom home has been discounted from $2.7 million to $1.6 million. At Florida Road, Palm Beach, a three-bedroom house has gone from $4.1 million to $2.7 million….
McGrath Estate Agents chief executive John McGrath said buying good-value prestige properties before Christmas was advised before the general economy began to grow and buyer confidence returned.
“I think that this is the window to get in and once the window is closed … we’ll see somewhere in the range of 5 to 10 per cent of growth in prices over the next 12 months,” he said…. Read more
Rulings sought on ‘late bids’
Date: August 27, 2009
A series of auctions leading to legal disputes over million-dollar properties has prompted calls for new laws banning late bidding to be clarified.
In the latest case, a Melbourne doctor alleged that auctioneer Elliott Gill, of Bennison Mackinnon, proclaimed a 1930s brick villa in Armadale “sold” to him at $1.68 million, only to immediately accept another bid after the fall of the hammer.
The High Street auction then continued and the doctor eventually won at $1.81 million. He is making a professional indemnity claim against the agency… Read more
Homes becoming dangerously beach-front
Date: August 27, 2009
Publication: Brisbane Times
The Queensland government expects sea levels to rise by nearly one centimeter a year over the next 90 years, forcing an overhaul of coastal development rules….
The plan projects a sea level rise figure of 30 centimeters by 2050, increasing to 80 centimeters by 2100. Ms Jones said the 80cm rise – which was based on scientific advice – would inform many decisions for urban development and planning by councils for coastal erosion and storm tide inundation… Read more
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